Binary trading platforms are online platforms that facilitate trading in binary options. Binary trading, also known as binary options trading, is a financial trading method that involves predicting whether the price of an underlying asset will go up or down within a specified time frame. It is called “binary” because there are only two possible outcomes: either the trade is successful and the trader earns a fixed payout, or the trade is unsuccessful and the trader loses the invested amount.
The trader’s goal is to predict whether the price of the asset will rise or fall within the specified time. On their website TU experts told about 6 best Binary Trading Platforms in South Africa.
Top 6 binary trading apps in South Africa
1.QUOTEX
Quotex is an online trading platform that was established in 2019 and offers a range of trading options, including Forex, cryptocurrencies, commodities, indices, and more. It provides a user-friendly interface and a variety of trading tools and features to support traders in their trading activities.
Pros:
- Minimum deposit $10
- No trading, deposit or withdrawal fees
- Simple and user-friendly trading platform
Cons:
- No leverage
- No educational resources and analytical instruments
2.Pocket Option
Pocket Option is an online trading platform that offers various trading instruments, including binary options and digital options. It provides traders with a user-friendly interface and a range of features to facilitate trading activities.
Pros:
- Funds protection policy
- Maximum payment amount of 92%
- Covered losses in case of bankruptcy
Cons:
- No negative balance protection
- Verification required for deposit and withdrawal
3. IQcent
IQcent is an online trading platform founded in 2017. It aims to provide a user-friendly trading experience and offers a range of features and tools to support traders in their trading activities. The platform aims to provide a user-friendly trading experience and offers several features and tools to support traders in their trading activities.
Pros:
- Minimum deposit $10
- No trading commissions
- Wide range of assets
- Multiple account types
- User-friendly trading platform
- 24/7 customer support
Cons:
- Limited regulation and oversight
- Limited educational resources
- Withdrawal fees for some payment methods
4. Videforex
Videforex is an online trading platform established in 2016 that offers various trading instruments, including Forex, cryptocurrencies, commodities, and indices. It aims to provide traders with a user-friendly trading experience and offers a range of features and tools to support their trading activities.
Pros:
- Wide range of assets
- Minimum trade size $1
- Copy trading
- User-friendly trading platform
- Commission-free trading
- Multiple account types, including a demo account
- 24/7 customer support
- Social trading features
Cons:
- Minimum deposit $250
- Limited regulation and oversight
- Limited educational resources
- $10 Inactivity fee
5. Binary.com (Deriv)
Binary.com, now known as Deriv.com, is an online trading platform that offers a variety of trading instruments, including binary options, Forex, cryptocurrencies, commodities, and indices. It aims to provide a comprehensive trading experience and offers a range of features and tools for traders.
Pros:
- In operation for over 20 years
- Low minimum amounts for replenishing opening bids – $5 and $1
Cons:
- No cent accounts
- No online chat support
- Unexpected failures on certain platforms
- No trust management accounts
- Occasional delays in the withdrawal of funds
- Some users have problems with the registration process
6. Intrade Bar
Intrade Bar began its operations in 2016. The platform offers a variety of trading instruments, including binary options, Forex, cryptocurrencies, commodities, and indices. It aims to provide a comprehensive trading experience and offers a range of features and tools for traders.
Pros:
- A risk management function
- Low minimum deposit
- Two types of strategies
Cons:
- No copy trading services
- No passive income options
- Only currency pairs
- No education tools or analytics
- No 24/7 customer support
Traders Union experts think that binary trading can be very profitable. However, traders should be aware of risk and use risk management strategies. Experts also highly recommend to trade only on reliable and trustworthy platforms. On The TU website you can also read real reviews about brokers and trading platforms. No fake reviews are posted there.
